French President Emmanuel Macron announced Thursday that an international forum to define “rules for investment in Africa” will be held in France next May. Macron hopes to establish a “fairer” and “cleaner” framework for investment in Africa.
On October 1, Macron accompanied Kenyan President Uhuru Kenyatta, who was visiting France, to the annual meeting of the Bpifrance InnoGénération in Paris, which is considered one of the most joined associations of European entrepreneurs.
During the meeting, Macron asked why, over the years, Kenya has turned to China. Because China provides Kenya with ready and competitive funding, and why competitive, because they do not follow OECD rules, they sometimes go to the limit and put the country receiving their funding at great risk.
Chinese investments in Africa are often accused of being opaque, lacking in social responsibility, and failing to take into account the host country’s environment. Some observers have criticized China’s investment and lending in Africa for creating a “debt trap” that makes it difficult for small African countries to repay their heavy debts.
Macron said that France wants to make an effort to normalize this investment, and therefore decided to organize a conference on international investment in Africa next spring. Macron said he has invited the President of Kenya to attend. According to Macron’s plan, France will also invite China, European Union members, the United States and other countries, including Asian countries other than China, to attend the conference. Negotiate the establishment of an “African investment code” so that all countries providing funds to Africa have a common set of sustainable rules of the game that the continent can accept.
Macron believes that the relationship between countries and Africa should be a win-win one, helping Africa to fight corruption, providing more opportunities for African youth, and enabling businesses and entrepreneurs to develop on the continent under a fairer contract. To do this, there must be a healthy investment framework, very transparent and very fair.
If we fail to help Africa develop, Europeans will pay the price, and if we fail to provide help to Africa, the young generation in Africa will continue to be forced to migrate, Macron said.
For his part, Kenyan President Kenyatta invited French entrepreneurs to seize the many opportunities that exist on the African continent. The President praised French President Emmanuel Macron for understanding that France’s future in Africa is not only due to its historical ties with Africa, but also to the continent’s own great potential. “Build together, prosper together”, said the President.
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